BlackRock reported a strong finish to 2025 with record net inflows and accelerating organic base fee growth, driven by broad-based strength across its platform and strategic acquisitions.
Record $698 billion of full year net inflows, including $342 billion in the fourth quarter.
positive12% annualized organic base fee growth in the fourth quarter reflects broad-based strength.
positive19% increase in full year revenue reflects positive market impact, organic growth, and contributions from GIP and HPS Transactions.
positive10% increase in quarterly cash dividend to $5.73 per share approved.
positive7% decrease in full year GAAP operating income and 16% decrease in GAAP diluted EPS related to noncash acquisition-related expenses and a noncash charitable contribution.
attention10% increase in full year as adjusted diluted EPS also reflects lower nonoperating income and a higher diluted share count.
attentionOperating margin decreased from 36.6% to 23.7% on a GAAP basis for Q4 2025 compared to Q4 2024.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| dividend per share increase | 10% | FY2026 | — | — |
| share repurchases | 1.8 billion | FY2026 | — | — |
| GNA increase | mid-single-digit percentage | FY2026 | — | — |
| headcount | broadly flat | FY2026 | — | — |
| dividend per share increase | 10% | Q1 FY2026 | — | — |
| share repurchase authorization | 7 million shares | FY2026 | — | — |
| share repurchases | 1.8 billion | FY2026 | — | — |
| private markets fundraising target | 400 billion | by 2030 | — | — |
| private markets to wealth AUM target | 60 billion | by 2030 | — | — |
| base fees run rate | approximately 35% higher than 2024 | FY2026 | — | — |
| base fees run rate | approximately 50% higher than 2023 | FY2026 | — | — |
| base fees run rate | approaching 21 billion | FY2026 | — | — |
| organic base fee growth | 6% or higher | each quarter of 2025 | — | — |
| organic base fee growth | double digit | last two quarters of 2025 | — | — |
| organic base fee growth | 12% | Q4 2025 | — | — |
| technology ACV growth | 16% | Q4 2025 | — | — |
| revenue generators | 500 million | next five years | — | — |
| projected tax rate | 25% | FY2026 | — | — |
| fee yields on new asset flows | six to seven times higher than 2023 | 2025 | — | — |
| GNA increase | mid-single-digit percentage | FY2026 | — | — |
| organic base fee growth | more consistently six, seven percent or higher | FY2026 | — | — |
| organic base fee growth | 13% higher than 2025 | FY2026 | — | — |
| organic base fee growth | 4 points higher than last year | Q4 2025 | — | — |
| net new base fees | one and a half billion | FY2025 | — | — |
| private markets fundraising | 40 billion | 2025 | — | — |
| HPS acquisition revenue impact | 230 million | Q4 2025 | — | — |
| Frequent acquisition revenue impact | 65 million | Q4 2025 | — | — |
| Frequent acquisition revenue impact | 213 million | FY2025 | — | — |
| ACV increase | 31% | FY2025 | — | — |
| organic ACV increase | 16% | FY2025 | — | — |
| total expense increase | 19% | FY2025 | — | — |
| employee compensation and benefit expense increase | 20% | FY2025 | — | — |
| GNA expense increase | 15% | FY2025 | — | — |
| operating margin | 45% | Q4 2025 | — | — |
| operating margin | 44.1% | FY2025 | — | — |
| adjusted operating margin (excluding performance fees) | 45.5% | Q4 2025 | — | — |
| adjusted operating margin (excluding performance fees) | 44.9% | FY2025 | — | — |
| share repurchases | 500 million | Q4 2025 | — | — |
| share repurchases | 1.6 billion | FY2025 | — | — |
| net inflows | 698 billion | FY2025 | — | — |
| iShares net inflows | 527 billion | FY2025 | — | — |
| iShares organic asset growth | 12% | FY2025 | — | — |
| iShares organic base fee growth | 13% | FY2025 | — | — |
| iShares net inflows | 181 billion | Q4 2025 | — | — |
| retail net inflows | 107 billion | FY2025 | — | — |
| retail net inflows (excluding City Wealth assignment) | 15 billion | FY2025 | — | — |
| active fixed income net inflows | 3 billion | FY2025 | — | — |
| alternatives net inflows | 12 billion | FY2025 | — | — |
| institutional active franchise net inflows | 54 billion | FY2025 | — | — |
| private markets net inflows | 40 billion | FY2025 | — | — |
| gross private markets fundraising target | 400 billion | through 2030 | — | — |
| cash management net inflows | 74 billion | Q4 2025 | — | — |
| cash management net inflows | 131 billion | FY2025 | — | — |
| net new assets | nearly 700 billion | FY2025 | — | — |
| net inflows | 342 billion | Q4 2025 | — | — |
| net inflows | nearly $2.5 trillion | last five years | — | — |
| organic base fee growth | 6% or higher | each quarter of 2025 | — | — |
| organic base fee growth | 12% | Q4 2025 | — | — |
| technology ACV growth | 16% | Q4 2025 | — | — |
| organic base fee growth | 9% | FY2025 | — | — |
| base fees | approaching 21 billion | FY2026 | — | — |
| operating margin | 45% | FY2025 | — | — |
| dividend per share increase | 10% | FY2026 | — | — |
| share repurchases | step up planned | FY2026 | — | — |
| private markets fundraising | 400 billion | by 2030 | — | — |
| new base fees from private markets shift | over $1 billion | by 2030 | — | — |
| HPS acquisition GNA impact | fully captures | second half of 2025 | — | — |
| GNA growth | mid-single-digit percentage | future years | — | — |
| iShares AUM | 5.5 trillion | current | — | — |
| iShares revenues | more than quadrupled | since 2009 | — | — |
| ETF net inflows in Europe | 136 billion | FY2025 | — | — |
| Geo-BlackRock initial fundraising | 2 billion | launch | — | — |
| organic base fee growth in LatAm | double digit | FY2025 | — | — |
| ETF net inflows in Asia | 30 billion | FY2025 | — | — |
| technology ACV growth | 16% | FY2025 | — | — |
| organic base growth | 12% | FY2025 | — | — |
| AUM | $14 trillion | end of FY2025 | — | — |
| base C entry level rate | 13% | FY2026 | — | — |
| private markets fundraising | 400 billion | by 2030 | — | — |
| fixed income flows | more than 80 billion | Q4 2025 | — | — |
| fixed income flows (excluding City mandate) | more than 40 billion | Q4 2025 | — | — |
| iShares bonds net inflows | 52 billion | Q4 2025 | — | — |
| iShares bonds net inflows | 175 billion | FY2025 | — | — |
| fixed income AUM | over 3 trillion | current | — | — |
| fee on new assets | six or seven times higher than 2023 | current | — | — |
| private credit net inflows | 7 billion | Q4 2025 | — | — |
| H-Lend subscriptions | 1.1 billion | Q4 2025 | — | — |
| H-Lend redemptions | 4.1% | Q4 2025 | — | — |
| private credit allocation plans | maintain or increase | next 12 months | — | — |
| private markets AUM | over 40 billion | 2025 | — | — |
| insurance general account AUM | 700 billion | current | — | — |
| HPS credit assets for insurance companies | over 60 billion | current | — | — |
| conversations on high-grade SMAs | over 20 | current | — | — |
| private fixed income migration target | 10% of existing public fixed income assets | future | — | — |
| target AUM for private high-grade migration | 70 billion | future | — | — |
| active ETF flows | more than 50 billion | FY2025 | — | — |
| systematic equity franchise inflows | over 50 billion | FY2025 | — | — |
| AI partnership capital mobilization target | 30 billion | initial | — | — |
| AI partnership capital mobilization potential | 100 billion | including debt | — | — |
| AI partnership capital raised | over 12.5 billion | current | — | — |
| private market data AUM target | over $1 billion | future | — | — |
| asset management AUM for insurance, wealth and OCIO clients | 3 trillion | current | — | — |
| organic base fee growth | 16% in Q4 | FY2025 | — | — |
| operating margin (recurring fee-related earnings) | North at 50% | over time | — | — |
| GNA increase | mid-single-digit percentage | FY2026 | — | — |
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
BlackRock enters 2026 with accelerating momentum across its entire platform, coming off the strongest year and quarter of net inflows in its history.
Clients entrusted BlackRock with $698 billion of new assets in 2025, powering 9% organic base fee growth.
BlackRock is at the forefront of some of the largest new growth channels across the industry – from private markets to wealth and 401(k), to active ETFs, to private markets data, to digital assets and tokenization.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.